Mukesh Ambani-led Reliance Industries Ltd (RIL) plans to invest Rs 75,000 crore ($9 billion) each into its new energy business and petrochemical expansion, according to a company presentation. In its FY25 result statement, Ambani said the company has laid a strong foundation for its projects in renewable energy and battery operations.
“In the coming quarters, we will see the transition of this business from incubation to operationalisation.
"I believe the new energy growth engine will create significant value for Reliance, for India and for the world,” Ambani said.
The conglomerate has commissioned a 1-gigawatt heterojunction solar module manufacturing facility and aims to scale it to a fully integrated 10-gigawatt capacity by 2026.
This expansion is expected to add Rs 6,000 crore to RIL’s earnings before interest, taxes, depreciation, and amortisation (Ebitda), it said.
The firm projects that profit from the new energy vertical could match earnings from the company’s traditional oil-to-chemicals business between financial years 2029 and 2031.
Over time, the new energy segment is expected to contribute more than 50 per cent to consolidated profit after tax.
“We have been holding capex pretty well. The big part of it was on Jio, and it’s obvious now that phase of heavy capex growth is behind us,” Reliance CFO V Srikanth said during a presentation.
“For new energy, we had talked about Rs 75,000 crore for setting up the entire giga factory, and between what we have spent and committed, it’s fair to say we are already there.
"The larger investments will start when we begin generating electricity from the panels, but that is further down the line,” Srikanth said.
He indicated that future capital expenditure would be more measured and aligned as a percentage of revenue.
Company officials said the new energy projects are making good progress.
“Engineering for the entire value chain — including polysilicon, cell modules, glass, and POE — has been completed. Equipment orders have been placed, and construction is underway,” a company executive said.
“We are on track to commission all factories by the end of 2025 or early 2026, and production will commence shortly thereafter.”
On battery technology, Reliance is focusing on lithium iron phosphate with large-format prismatic cells designed for utility-scale energy storage.
“By 2026, manufacturing will begin — starting with battery packs and subsequently moving to cell production. We are building out the entire value chain, including battery materials,” the executive added.
"Engineering across the entire value chain — polysilicon to ingot, wafer, cell, and panel — is complete. Procurement of long-lead items is done and construction is in full swing,” the executive said.
The company has commissioned its first gigawatt-scale solar module manufacturing line, already certified by BIS, with modules reaching up to 720 watt-peak — among the largest commercially available.
The solar manufacturing facilities are designed with scalability in mind, capable of ramping quickly from 10 gigawatts to 20 gigawatts annually, if required, the officials said.
Reliance is also advancing in battery manufacturing, focusing on lithium iron phosphate (LFP) technology. It is building a fully integrated supply chain — from battery materials to cells to packs — targeting 30 gigawatts of battery manufacturing capacity.
“Construction has started, and by 2026, we expect to commence production, starting with packs and moving towards full cell manufacturing,” the executive said.
In terms of renewable energy generation, Reliance has secured large tracts of arid land in Gujarat’s Kutch region, known for its high solar radiation.
This land could support nearly 150 billion units of electricity generation annually once fully developed.
The company plans to gradually deploy solar panels as they ramp up production.
“All these projects are progressing well and will form a key part of our new energy platform,” the executive added.
Officials said a dedicated transmission line from Jamnagar is also under construction to support the renewable energy buildout.
In Kandla, the company has secured 2,000 acres to develop a green hydrogen ecosystem, anchored by its electrolyzer manufacturing joint venture with Norway’s Nel ASA.
Construction on the electrolyzer plant is progressing, officials said.
“What’s unique is the full end-to-end integration — from solar to battery to green hydrogen.
"We haven’t seen anyone else doing this at such a scale,” a senior executive said.
"Solar and battery manufacturing are closely aligned to supply green energy for hydrogen production, ensuring seamless integration across technologies."
Reliance has begun solar production at its expansive complex spread over 5,000 acres, showcasing state-of-the-art facilities that offer both technology and cost efficiencies.
"The scale of these factories, along with the automation and advanced manufacturing processes, positions us to deliver solar products at costs far below imported alternatives," the executive said.
“We are increasingly confident in our ability to quickly scale capacity — moving from 10 GW to 20 GW — when needed.”
The company has already commissioned its first gigawatt-scale HJT solar module line, featuring modules rated up to 720 watt-peak — among the highest in the industry.
The solar modules are showing strong performance metrics, reinforcing Reliance’s push into integrated renewable energy manufacturing.
Reliance also reaffirmed plans to ramp up its compressed biogas (CBG) operations as part of its broader clean energy strategy.
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